1. A. After notice and opportunity for a hearing, the commissioner may revoke a group's certificate of authority if:

   1. 1. the group is found to be insolvent;
   2. 2. the group fails to pay any premium tax, regulatory fee, or assessment, or special fund contribution imposed upon it;
   3. 3. the group fails to comply with any of the provisions of this regulation, or with any lawful order of the commissioner within the time prescribed;
   4. 4. the certificate of authority issued to the group was obtained by fraud;
   5. 5. there was a material misrepresentation in the application for the certificate of authority; or
   6. 6. the group or its administrator has misappropriated, converted, illegally withheld, or refused to pay over upon proper demand any monies held in a fiduciary capacity that belong to a member, an employee of a member, or another person.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 23:1193.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Insurance, Office of the Commissioner, LR 18:1403 (December 1992).